Greenland Technologies Holding Corp. (NASDAQ: GTEC)

Greenland Technologies Holding Corporation designs, develops, manufactures and sells components and products for the global material handling industries. Through its subsidiaries in the People's Republic of China, the company supplies transmission products that are key components for forklift trucks used in factories, warehouses, ports and other logistics facilities. Via its wholly owned subsidiary HEVI, the company also develops and sells electric industrial vehicles such as forklifts, loaders and excavators for customers in North America. These operations serve manufacturers and end users seeking efficient and low emission material handling solutions.

The company generates revenue primarily by selling transmission systems and integrated powertrains to original equipment manufacturers of forklift trucks in the People's Republic of China. These transmission products include models for machines ranging from one ton to eighteen tons and are available with both mechanical and automatic shift options. Additional income comes from the sale of electric industrial vehicles, including forklifts, loaders and excavators, to end users and distributors in the United States. Revenue is also supported by related services such as spare parts and technical assistance provided to customers in both markets.

In the transmission market, Greenland Technologies Holding Corporation competes with firms such as Shaoxing Advance Gearbox Co., Ltd., Changsha Zhongchuan Transmission Machinery Co. Ltd., and Ganzhou Wuhuan Machine Co., Ltd. The company believes its competitive position is strengthened by favorable market trends including stricter carbon emission rules, growing demand for safer workplaces, rising labor costs, and government support for logistics efficiency. Its well developed manufacturing capabilities, robust research and development efforts, strategic service network, and experienced management team further support its ability to win and retain customers. In the electric industrial heavy equipment sector, the company faces competition from established diesel powered manufacturers like Caterpillar, Volvo CE and John Deere. However, Greenland Technologies Holding Corporation leverages its early mover advantage, technological expertise in battery powered machinery, and partnerships such as the one with Lonking Holdings Limited to pursue growth in the North American market.

The company’s customers include forklift manufacturers in the People's Republic of China such as Hangcha Group and Longgong Forklift Truck, which together accounted for a significant share of revenue in recent years. During the years ended December 31, 2025 and 2024, the five largest customers contributed approximately 40% of total revenue, with Hangcha Group representing the single largest customer at about 15% and Longgong Forklift Truck as the second largest at roughly 10%. In addition to these major clients, Greenland Technologies Holding Corporation supplies transmission products to more than 100 other forklift manufacturers across the region. Through its subsidiary HEVI, the company also serves end users of electric industrial vehicles in the United States, including distributors, rental companies and industrial operators seeking zero emission equipment.